Persuading people to buy your products is an effective strategy…𝙪𝙣𝙩𝙞𝙡 𝙞𝙩 𝙞𝙨𝙣’𝙩.
No manufacturer (or marketer) plans for brand decline, but the reality is markets mature and change and product differentiation becomes less effective over time.
One thing you can (and should) plan and budget for is consumer research. If you are struggling to scale your product or service, you may need to better understand the needs and wants of your customer. Doing the work upfront, intentionally asking the questions, and deeply listening to your customers will better position your company to create and support a healthier, more transparent, and authentic brand.
Introducing the Value Proposition…
Branding is the way you present your value proposition to your customers. A value proposition is a promise of value that your product will deliver. To differentiate your product from the competition, you must first transform it from a physical object into a mental construct. In other words, flip the narrative from “what” to “why”. We must never lose sight of the fact that brands exist in the hearts and minds of our consumers.
It is not a list, a chart, or a word cloud. It is a clear articulation of what makes you the leader in your field and untouchable by your competition.
A value proposition must offer three things:
𝟏) 𝐑𝐞𝐥𝐞𝐯𝐚𝐧𝐜𝐞 (𝐬𝐨𝐥𝐯𝐞𝐬 𝐚 𝐩𝐫𝐨𝐛𝐥𝐞𝐦 𝐨𝐫 𝐢𝐦𝐩𝐫𝐨𝐯𝐞𝐬 𝐚 𝐬𝐢𝐭𝐮𝐚𝐭𝐢𝐨𝐧)
𝟐) 𝐕𝐚𝐥𝐮𝐞 (𝐝𝐞𝐥𝐢𝐯𝐞𝐫𝐬 𝐛𝐞𝐧𝐞𝐟𝐢𝐭𝐬)
𝟑) 𝐃𝐨𝐦𝐢𝐧𝐚𝐧𝐜𝐞 (𝐰𝐡𝐲 𝐲𝐨𝐮 𝐚𝐧𝐝 𝐧𝐨𝐭 𝐲𝐨𝐮𝐫 𝐜𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐨𝐫)
For future success, it is crucial that we begin with and continue to conduct ongoing research, rapid branding, quick prototyping, and easy-to-understand messaging. Not only will your future customers reward you, but your future P&L will also be in the black!
